SOLIFE Newsletter Issue 6 | Q2 | 2021
SOLIFE Suite 7
Welcome to this new issue of VERMEG’s SOLIFE quarterly newsletter. We aim to keep you informed on what VERMEG is achieving and envisioning.
Several initiatives are also ongoing by our Digital Transformation Department to provide new digital journeys and new business modules based on Palmyra, like the SOLIFE new backofficer journey or the Smart Configurator.
We first propose to see how SOLIFE is evolving to meet market needs.
The “Multi-compartments” management mode (also called Multi-wallets or Multi-projects), a solution combining “Client” and “Insurer” interests.
Nowadays, contracting several life insurances plans has become an unavoidable reality for most policyholders due to the different purposes of each plan, such as : life and health protection plans, investment plans, retirement plans, etc. …
Dictated by such demand, most insurers have started to think about migrating their product range from the current “Single-compartment” management mode to the innovative “Multi-compartments” management mode. This is in order to remedy the complexity of the large number of contracts managed, to reduce their operating costs and to extend their offers to their customers.
SOLIFE new features
Faithful to its policy of continuous improvement, SOLIFE will integrate in 2021 the “Multi-Compartments” management mode.
Through this new model, SOLIFE will allow :
⁄To allocate several investment strategies for the same policy : free, autopiloted, driven or delegated strategy. These strategies will be independent of each other and made up of appropriate assets for each one ;
⁄To manage risk coverages at compartment level, if needed ;
⁄To manage, in intra-compartment or inter-compartments, coverage services (regular addition or withdrawal), and investment services (rebalancing, securing, progressive investment, …).
The product configuration has been enriched, thus allowing the creation and addition of compartments according to the insurer’s needs. Each compartment has its own characteristics (mandatory, optional, default, …) and its list of available strategies that can be defined by default or specifically.
SOLIFE’s new “Multi-compartments” management mode extends to all technical and administrative endorsements, by displaying the compartment table to the user, allowing them to enter his transaction or his intra-compartment or inter-compartments changes.
Thus, Money In transactions allow addition of a new compartment to the contract and allocate part or all the investment amount to it. Meanwhile, Money Out transactions allow transactions to disinvest (completely or partially) from an existing compartment, and in the case of a free strategy compartment, to disinvest at fund level.
Backofficer Digital Journey
Continuing the revamping of the SOLIFE screens, the partial withdrawal is now available.
The endorsement that is composed of two main steps, Simulation & Acceptance workflow, is launched in the Back-Officer Front-End from the consultation of the policy.
After filling in the mandatory information fields in order to launch the simulation (such as amount, tax option, ….) , the returned results display the details of the transaction based on the last known VNI : net and gross amount, estimated tax and fee amounts including viewing details of the latter two amounts.
Based on this simulation, the endorsement is created and displays the acceptance workflow in which the required documents and the acceptance rules need to be validated.
The final acceptance stage consists in validating the rules in force on this journey.
The acceptance validation ends the process. The transaction is validated on SOLIFE, and the payment can be triggered after the disinvestment.
The revamping will continue during the coming months with the development of the Single premium top up, Switch and Surrender.
How can the configuration process of insurance product be improved?
The configuration of an insurance product can be complicated and time consuming due to : the complexity of those products on one hand, and to the absence of references on SOLIFE on the other hand.
The insurer requests, in terms of product implementation and commercialization, are often need to be made in a short timeframe.
Insurance product smart configurator, IPSC, can respond to these challenges. Based on available, reusable, documented and accessible Catalogs, IPSC allows to promptly configure a fully functional insurance product.
In practice, through a set of questions, IPSC simulates a product configuration like an interview between SOLIFE’s consultant and the insurer.
The workflow depends on the insurer’s answers. At the end of the process, a global structure view of the product through its various configuration aspects is available and can be loaded on SOLIFE or the target policy administration system.
The aim of the IPSC is to simplify the product configuration by capitalizing on redundant configuration aspects that constitute the catalog. SOLIFE’s consultant manual configuration is limited to the complex or specific aspects. In fact, if the answers provided are not in the catalog, the IPSC gives the consultant the possibility to enter free text. In this case, the addressed aspect will not be loaded, and configuration will be made directly in the PAS.
Depending on the complexity of the product and the catalog’s scope, the number of questions, the completeness of configuration and the spent time can vary.
For instance, a standard investment product can be configured in 5 minutes by answering about twenty questions and will be 80% compliant with insurer specifications. The remaining 20% corresponds to specific configurations (financial instruments, groups of funds, Third Parties, etc. …).